DELTA, BC, March 12, 2012 /CNW/ - Great Pacific International Inc. ("GPI") (TSXV: GPI) is pleased to report drilling activity in adjoining lands to our Slave Lake/Swan Hill property (located West of the town of Slave Lake).
The third of three wells is been drilled in the area by First Mountain Exploration Ltd. This well that is being drilled to the basement, is adjacent to (approximately 150 Metres away from) GPI's lease located at Section (34S T072 10W5).
GPI has a 100% Petroleum & Natural Gas interest in two half sections of land (640 acres) in the area both of which are surrounded by land staked by First Mountain Exploration Ltd (see map at www.gpicanada.net/operation ) .
The company plans to permit and drill these leases through its own efforts or through Joint Venture arrangements. Currently, the company is reviewing its options for development of this property including discussions/negotiations that are taking place with third parties.
About Great Pacific International
Great Pacific International is a public company actively engaged in the exploration and development of crude oil and natural gas. GPI currently owns over 33,000 gross acres of P&NG leases (over 30,000 net acres) in the Western Canadian Sedimentary Basin. The Company's strategy is focused on creating value for shareholders by acquiring and developing petroleum and natural gas leases primarily in western Canada. Great Pacific currently has 47,478,432 shares outstanding which are listed on the TSX Venture Exchange under the symbol GPI.
For further information:
contact Thalbinder (Thal) S. Poonian at toll free 1-877-942-8765, or 604-940-9190, or by email [email protected].